Duke Energy Corp. on March 25 issued a prospectus for 40 million depositary shares, each of which represents a 0.001 interest in a share of 5.75% noncumulative series A preferred stock, totaling $1 billion.

The public offering price is $25.00 per depositary share. Duke will pay dividends on the series A preferred stock, if declared by its board, on the 16th of March, June, September and December of each year, starting June 16.

The company plans to use the proceeds for general corporate purposes.

Duke has the option to redeem the preferred shares before June 15, 2024, within 120 days after the conclusion of any review or appeal process, at $25.50 per depositary share or after June 15, 2024, at $25.00 per depositary share.

Morgan Stanley & Co. LLC, Merrill Lynch Pierce Fenner & Smith Inc., RBC Capital Markets LLC and Wells Fargo Securities LLC acted as joint book-running managers.

BNY Mellon Capital Markets LLC, TD Securities (USA) LLC, Academy Securities Inc., CastleOak Securities LP and C.L. King & Associates Inc. served as co-managers.